UAE-based international district cooling developer, National Central Cooling Company (Tabreed) has entered into a deal with Oman’s mixed-use waterfront development, Al Mouj Muscat to acquire its district cooling plants and associated assets for $17.8 million.
The new deal made through Tabreed’s Oman subsidiary comes in line with the company’s Gulf-wide expansion interests. Over the last two years, the district cooling developer has activated a sustained expansion strategy to develop capacity and visibility in key Gulf and overseas markets such as Egypt and India.
Tabreed has also signed a long-term concession agreement between Al Mouj Muscat and Tabreed Al Mouj, a wholly-owned subsidiary of Tabreed Oman, which in turn is 60.54 percent owned by Tabreed, the district cooling firm said in a bourse filing on Dubai Financial Market.
In the UAE, Tabreed is associated with mega-developments such as Downtown Dubai and Saadiyat Island’s district cooling plants in Abu Dhabi. Last year, it also sold a 44 percent stake held in the Qatar entity to United Development Company.
In the first nine months of 2021, Tabreed saw its profits increase from $101 million in 2020 to $105.7 million. In the first half of last year, the company’s total connected capacity reached 1,417,179 refrigeration tons (RT).
Al Mouj Muscat
Al Mouj Muscat is a mixed-use waterfront development in Oman. The award-winning master plan connects people, businesses and cultures to create a thriving community that is positively integrated with a sustainable environment. Al Mouj Muscat is a joint venture between the UAE-based Majid Al-Futtaim Properties, Oman Tourism Development Company (OMRAN) and Oman National Investments Development Company (Tanmia).